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Anonymous ID: d575ce Sept. 8, 2020, 6:25 a.m. No.10565088   🗄️.is đź”—kun   >>5125 >>5211 >>5472 >>5566

Nasdaq set to plunge at open as tech stocks get hammered

 

The Nasdaq was set to open sharply lower on Tuesday as investors sold off shares of Tesla and other tech heavyweights after a long weekend, while simmering U.S.-China tensions and concerns over a rocky economic rebound also weighed on sentiment. Wall Street’s tech-fueled rally halted last week with the Nasdaq closing 6% below its record closing high. Investors booked profits, taking advantage of a stimulus-fueled rally that lifted the index about 70% from its pandemic-induced low in March.

 

The Nasdaq closed on Friday with its biggest weekly decline since the height of the sell-off in March, with shares of Facebook Inc, Amazon Inc, Apple Inc, Netflix Inc and Google-parent Alphabet Inc sliding between 1.4% and 3.7%.

 

The group — commonly known as “FAANG” stocks — have been largely responsible for the rebound on Wall Street even as data points to a faltering recovery for the domestic economy. The companies were down between 2.7% and 5.9% in premarket trading.

 

Tesla Inc plunged 15.1% after the electric-car maker was excluded from a group of companies being added to the S&P 500.

 

Still, market participants said they did not expect a prolonged sell-off against the backdrop of an accommodative monetary policy by the Federal Reserve, which last week indicated a higher toleration of inflation rising above 2%. Media reports said SoftBank made significant option purchases during the run-up in U.S. stocks, reminding investors that market makers might have billions of dollars worth of long positions as hedges against options trades, which will have to be sold as prices fall. Fears over potential U.S. sanctions against China’s biggest chipmaker SMIC hit domestic suppliers, with Applied Materials Inc, Lam Research Corp and KLA Corp dropping between 6.1% and 6.4%.

 

General Motors Co jumped 6.2% after it acquired an 11% stake, worth $2 billion, in U.S. electric-truck maker Nikola Corp. The truck maker’s shares surged more than 28.8%.

https://www.reuters.com/article/us-usa-stocks/nasdaq-set-to-plunge-at-open-as-tech-stocks-get-hammered-idUSKBN25Z1JY

https://www.bloomberg.com/markets/stocks/futures

Anonymous ID: d575ce Sept. 8, 2020, 7:29 a.m. No.10565401   🗄️.is đź”—kun   >>5472 >>5566

VENUS91 USAF C-32A departed Wilmington, NC Int'l Airport ne-this AC is used mostly as primary AF2 but not lately

SAM445 USAF G5 departed JBA to the se

00-9001 USAFSOC that departed JBA west change of direction over West VA east

SAM478 USAF G5 continues ne from Mesquite, TX

Anonymous ID: d575ce Sept. 8, 2020, 7:39 a.m. No.10565456   🗄️.is đź”—kun

Oil Plunges Below $40 In Biggest Drop Since June

 

With growth stocks getting pummeled, one would think that there is at least some rotation out of growth and into value sectors. Alas, one would be wrong, because the core commodity behind so many "value" strategies, oil, is plunging even more than the Nasdaq, with Brent tumbling below $40 for the first time since June…… a drop of 5%, its biggest plunge since June 24 and follows a 1.5% drop on Monday. The drop was sparked by concerns about waning Chinese demand with only four of 10 Asian refiners surveyed by Bloomberg saying they would try to buy more Saudi Arabian crude after the kingdom cut pricing for October as consumption remained below pre-virus levels. Abu Dhabi National Oil Co. also cut prices on Tuesday, the latest response to a sluggish demand backdrop in the world’s biggest oil-consuming region.

 

"Today’s oil-price move is a clear sign that the market now seriously worries about the future of oil demand,” said Paola Rodriguez-Masiu, senior oil markets analyst at Rystad Energy AS.

 

Other bearish factors noted by Bloomberg include the end of the U.S. summer driving season and more supply from the OPEC+ alliance. In addition to the plunge in spot prices, Brent’s three-month timespread is nearing the widest contango since late May, "an indication that concerns about oversupply are returning. Equity markets were also weaker on Tuesday, adding to crude’s losses." The growing contango in both Brent and WTI, combined with the near record plunge tanker rates, will likely spark another round of loading up oil in floating storage. Storing crude at sea has become profitable again for northwest Europe and the Mediterranean, shipbroker and exchange data compiled by Bloomberg show.

https://www.zerohedge.com/markets/oil-plunges-5-biggest-drop-june

https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart

Nice little rebound here…cap#2

https://www.kitco.com/charts/livesilver.html

https://finance.yahoo.com/quote/%5EIXIC